Dermatologicals Market Expected to Reach $59.309 Billion by 2030

According to a new report published by Allied Market Research, titled, “Dermatologicals Market by Disease, Type, and Route of Administration: Global Opportunity Analysis and Industry Forecast, 2021–2030,"the global dermatologicals market size was valued at $19.974 billion in 2020, and is estimated to reach $59.309 billion by 2030, growing at a CAGR of 11.5% from 2021 to 2030.

Dermatologicals are drugs that are used to treat or prevent conditions related to the skin. Moreover, dermatological preparations are applied directly to the skin by topical application or are administered through the parenteral route. Furthermore, dermatologicals are taken through oral route to cure skin conditions. Some of the conditions that are treated using dermatologicals include psoriasis, rosacea, acne, and dermatitis.

Factors that drive growth of the global dermatologicals market include rise in demand for topical dermatological drugs, advancements in R&D activities in the pharmaceutical industry, and surge in demand for skincare products. In addition, rise in prevalence of skin diseases such as acne, rosacea, and atopic dermatitis contributes toward the growth of the global dermatologicals market. Skin disease is ranked as the fourth most common cause of human illness, which is likely to increase the need for dermatological products, thus driving the growth of the market.

Furthermore, dermatologicals market players are focused on manufacturing of different dermatology products. For instance, in December 2021, LEO Pharma, a pharmaceutical company, announced the FDA approval of Adbry (tralokinumab), which is the first and only treatment for patients suffering from moderate to severe atopic dermatitis. Moreover, increase in prevalence of teenage and younger population, surge in need for various dermatologicals products escalate the dermatologicals market growth. According to the National Health Service (NHS), in 2019, it was reported that around 95% of population between the ages of 16 to 19 years are diagnosed with acne.

Moreover, rise in disposable income and development of the pharmaceutical sector for manufacturing of dermatologicals are anticipated to drive growth of the dermatologicals market. In addition, expansion of many clinical studies on various types of products to evaluate their safety and efficacy propels the growth of the market. For instance, in November 2021, AbbVie, a pharmaceutical company, announced the positive result from the phase 3 SELECT-PsA 1 and SELECT-PsA 2 trails to analyze the efficiency of upadacitinib in patient suffering from psoriatic arthritis and axial involvement. The result shows that patient with psoriatic arthritis demonstrate greater clinical response to upadacitinib, as compare to patient with axial involvement.

Rise in number of approval for dermatological products and increase in number of pharmaceutical manufacturing companies are the key factors that further boost growth of the market. In addition, surge in demand for skin care products propel the growth of the market.

The global dermatologicals market is segmented into disease, type, route of administration, and region. On the basis of disease, the market is segregated into acne, dermatitis, psoriasis, skin cancer, rosacea, alopecia, and others. The psoriasis segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to rise in R&D activities related to manufacturing of dermatological products in the pharmaceutical sector and increase in prevalence of psoriasis .

Depending on type, the dermatologicals market is bifurcated into prescription-based drugs and over-the-counter drugs. The prescription-based drugs exhibited the highest growth in 2020, and is expected to lead during the forecast period, owing to increase in prevalence of skin diseases and development of dermatology drugs by the pharmaceutical industry. By route of administration, the market is categorized into topical administration, oral administration, and parenteral administration.

The topical administration segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to increase in demand for topical administration, increase in number of U.S. FDA approval for drugs, and rise in R&D activities in the pharmaceutical sector.

Impact Of Covid-19 On Dermatologicals Market (Pre And Post Analysis)

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global dermatologicals market. The COVID-19 pandemic has stressed healthcare systems in the world. The dermatology practice is profoundly affected by the COVID-19 pandemic. A number of clinics and hospitals were restructured to increase hospital capacities for patients diagnosed with COVID-19. Implementation of lockdown, owing to the COVID-19 outbreak resulted in decline in number of patient visits for the treatment during the pandemic. However, practice of teledermatology is being encouraged in the current scenario. Moreover, various skin disease such as urticarial, erythematous, atopic dermatitis, acne, rosacea, and purpuric are observed to be prevalent in patients suffering from COVID-19.

Furthermore, friction dermatitis, skin injury, hand irritation, and contact dermatitis, which are caused due to prolonged use of personal protective equipment are reported in majority of healthcare workers who are involved in care of patients suffering from COVID-19. Thus, upsurge in demand for dermatological products for the treatment of various skin diseases among COVID-19 patients positively impacted the growth of the market.

Key Findings Of The Study

• By disease, the psoriasis segment was the highest contributor to the market in 2020.
• On the basis of type, the prescription drugs segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
• Depending on route of administration, the topical segment led the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America garnered a major share of the dermatologicals market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in prevalence of acne, increase in number of approvals for dermatologicals, and strong presence of key players. However, Asia-Pacific is expected to register highest CAGR of 12.3% from 2021 to 2030, owing to increase in prevalence of skin diseases, rise in awareness about the use of dermatological drugs, surge in healthcare expenditure, and increase in adoption of aesthetic products.